17% Of Ethereum Addresses Hold Majority Of NFTs

Ethereum NFTs have gained the most clout in the crypto space. These NFTs have recorded sales of up to 69.3% for a single piece of artwork. Investors are moving towards owning NFTs as a form of long-term investment in addition to their cryptocurrency holdings. Although other blockchains are coming up where NFTs can be minted, the majority of it still happens on Ethereum. This is why investors have flocked towards non-fungible tokens minted on the blockchain. Its growing popularity has led to some striking similarities with the pattern of holding seen in cryptocurrencies. For example, the same way whales are a thing in cryptocurrencies, there are also NFT whales, and new data coming out of the market shows that whales are dominating NFTs the same way they dominate cryptocurrencies. Related Reading | Five Hidden Gems in NFTs – Well, Not Hidden Anymore Whales Take The Lead On NFTs Moonstream published a report on Github analyzing the movement of non-fungible tokens over the past six months. This time period has been very significant in the growth of the NFT space and the report had some interesting findings. It found that over 80% of all non-fungible tokens are held by only 17% of wallets. Leaving less than 20% of NFTs for the rest of the market. NFT platforms, exchanges, and most importantly, whales, have been grabbing up non-fungible tokens at an increased rate over the past six months, putting them at an advantage over the...